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Unit of competency details

SITXFIN002 - Interpret financial information (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to SITXFIN401 - Interpret financial information• Equivalent • Unit updated to meet the Standards for Training Packages. 02/Mar/2016

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 03/Mar/2016


Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnRelease
SIT40316 - Certificate IV in Holiday Parks and ResortsCertificate IV in Holiday Parks and Resorts
SIT50416 - Diploma of Hospitality ManagementDiploma of Hospitality Management
SIT50116 - Diploma of Travel and Tourism ManagementDiploma of Travel and Tourism Management
SIT60316 - Advanced Diploma of Hospitality ManagementAdvanced Diploma of Hospitality Management
SIT60116 - Advanced Diploma of Travel and Tourism ManagementAdvanced Diploma of Travel and Tourism Management
SIT50316 - Diploma of Event ManagementDiploma of Event Management
SIT40416 - Certificate IV in HospitalityCertificate IV in Hospitality
SIT40516 - Certificate IV in Commercial CookeryCertificate IV in Commercial Cookery
SIT40716 - Certificate IV in PatisserieCertificate IV in Patisserie
SIT40816 - Certificate IV in Asian CookeryCertificate IV in Asian Cookery
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  09/Aug/2016 
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Unit Of competency

Modification History

Not applicable.

Application

This unit describes the performance outcomes, skills and knowledge required to interpret financial information and reports used by organisations to monitor business performance and provide information on operational or departmental financial activities.

The unit applies to all tourism, travel, hospitality and event sectors.

It applies to those people who operate independently or with limited guidance from others. This includes supervisors and departmental managers. This unit does not include the skills required to produce reports for the overall operation of the department or whole organisation. These would be created by senior managers, financial specialists or accountants.

No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.

Pre-requisite Unit

Nil

Competency Field

Finance

Unit Sector

Cross-Sector

Elements and Performance Criteria

ELEMENTS 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Access and interpret financial information.

1.1.Identify and interpret the range of financial information and reports required to monitor business performance.

1.2.Interpret financial information and reports applicable to operational or departmental activities.

2. Use and provide financial information.

2.1.Review financial information for impacts on operational activities and resolve discrepancies according to own level of responsibility.

2.2.Routinely provide information on operational or departmental financial activities within required timelines.

Foundation Skills

Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement.

SKILLS 

DESCRIPTION 

Writing skills to:

  • prepare explanatory notes to accompany financial information.

Technology skills to:

  • use accounting software packages.

Unit Mapping Information

SITXFIN401 Interpret financial information

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694

 

Assessment requirements

Modification History

Not applicable.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

  • correctly complete each of the following financial information documents or reports used to monitor overall business performance:
  • account summaries and balances
  • balance sheets
  • bank deposit documentation
  • bank statements
  • banking summaries
  • business activity statements
  • credit card transaction statements
  • invoices
  • journal entries
  • merchant statements
  • merchant summaries
  • profit and loss statements
  • trial balance
  • provide financial information using correct financial terminology on six different operational or departmental financial activities listed in the knowledge evidence.

Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

  • specific industry sector and organisation:
  • financial terminology specific to financial report
  • reporting periods and different financial years observed by different businesses
  • key features and functions of accounting software programs used to manage financial operations
  • use of financial information and reports in monitoring overall business performance
  • operational or departmental financial activities relevant to the sector:
  • average customer spend
  • daily, weekly and monthly transactions
  • departmental expenditure on:
  • labour
  • stock purchased
  • wastage
  • departmental income:
  • covers and gross income
  • commission earnings
  • occupancy and gross income
  • sales
  • outstanding accounts:
  • payable
  • receivable
  • quotations realised to sales
  • sales performance
  • stock levels
  • variance from budget
  • types of financial reports and their purpose:
  • budgets
  • cash flow
  • covers
  • expenditure
  • labour and wages
  • occupancy rates
  • purchases
  • receivables
  • sales
  • stock
  • transactions
  • transactions exempted
  • units sold
  • variance
  • wastage
  • key elements of financial record-keeping and key terminology:
  • ledgers, subsidiary ledgers and journals
  • transactions, receipts and disbursements
  • invoices, accounts payable, debtors and creditors
  • cash flow
  • key elements of accounting and how it provides information for business management:
  • charts of accounts and account categories
  • basic rules for double-entry accounting and the concept of debits and credits
  • accrual versus cash accounting
  • profit and loss statements and balance sheets as key financial statements used to measure business performance:
  • purpose
  • how these reports are generated
  • format
  • features
  • key information
  • reconciliations:
  • purpose
  • different types of reconciliation, and the impact of unpresented cheques
  • bank charges
  • direct debits and credits
  • concept of costing, and fixed and variable costs
  • accounting for and reporting goods and services tax (GST).

Assessment Conditions

Skills must be demonstrated in an operational tourism, travel, hospitality or events environment for which financial information can be interpreted. This can be:

  • an industry workplace
  • a simulated industry environment.

Assessment must ensure access to:

  • computers, printers and accounting software packages
  • financial data and reports.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694